N.J. Admin. Code § 11:3-1.13

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:3-1.13 - Rates and policy forms

(a) The Governing Committee shall file for prior approval by the Commissioner, all rates, rules surcharges, minimum premiums, classifications, and policy forms which shall be used by insurers writing risks through the AIP. Proceedings to review rate filings shall be conducted pursuant to N.J.S.A. 17:29A-1 et seq. All rates shall reflect the experience of the risks insured by the AIP and shall not be excessive, inadequate, or unfairly discriminatory. Every rate filing shall include an analysis of the adequacy of the rating plans. Premiums for risks shall be subject to the rating plan established in the plan of operation.

(b) Any risk with five or more vehicles not including trailers and semi-trailers shall be considered as a fleet. The AIP shall file base rates for fleets with the Commissioner for his or her prior approval which are different than the rates for non-fleet risks if the AIP determines that the loss expectancy of fleet risks insured by the AIP is different than the loss expectancy of non-fleet risks insured by the AIP.

Adopted by 50 N.J.R. 565(a), effective 1/16/2018